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Harvest Oil & Gas Corp. (HRST)

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Open21.25
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Day's Range21.25 - 21.25
52 Week Range3.70 - 68.50
Volume142
Avg. Volume752
Market Cap21.723M
Beta (5Y Monthly)0.56
PE Ratio (TTM)N/A
EPS (TTM)-28.98
Earnings DateApr 14, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateDec 01, 2020
1y Target EstN/A
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  • Harvest Oil & Gas Announces Third Quarter 2020 Results
    GlobeNewswire

    Harvest Oil & Gas Announces Third Quarter 2020 Results

    HOUSTON, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the third quarter of 2020. Key Highlights * Average daily production was 31.8 MMcfe for the third quarter of 2020 * On July 7, 2020, the Company entered into a definitive agreement to sell its Appalachian Basin assets * On August 4, 2020, the Company closed on its previously announced sale of its Michigan properties * On August 7, 2020, the Company announced a one-time cash distribution of $10.00 per share payable on August 24, 2020 to shareholders of record as of August 17, 2020 * On October 23, 2020, the Company closed on its previously announced sale of its Appalachia properties for $21.9 million, subject to customary purchase price adjustments; the transaction was funded with a $21.9 million senior secured seller note * In October 2020, the Company unwound all of its remaining commodity derivative contracts for cash settlements received of $1.5 million * On November 13, 2020, the Company announced a one-time cash distribution of $10.00 per share payable on November 30, 2020 to shareholders of record as of November 23, 2020          Third Quarter 2020 Financial Results           Third Quarter Second Quarter $ in millions unless noted otherwise 2020 2020 Average daily production (MMcfe/d)  31.8    36.8   Total revenues $7.5   $7.4   Total assets (1)  145.1    175.0   Net income (loss)  (6.2)   (7.1)  Adjusted EBITDAX (2)  0.9    2.3   Total debt (1)  —    —   Net cash provided by (used in) operating activities  (2.2)   2.2   Additions to oil and natural gas properties (3)  1.0    0.2   (1) As of September 30, 2020 and June 30, 2020. (2)Adjusted EBITDAX is a Non-GAAP financial measure and is defined and reconciled under “Non-GAAP Measures” below. (3)Represents cash payments during the period.    For the third quarter of 2020, Harvest reported a net loss of $6.2 million, or $(6.11) per basic and diluted weighted average share outstanding, compared to a net loss of $7.1 million, or $(7.00) per basic and diluted weighted average share outstanding for the second quarter of 2020. For the third quarter of 2019, a net loss of $19.5 million or $(19.28) per basic and diluted weighted average share outstanding was reported. Included in the 2020 third quarter net loss were the following items: * $1.1 million of impairment of oil and natural gas properties, * $5.6 million of non-cash losses on commodity derivatives, * $0.4 million of stock-based compensation costs contained in general and administrative expenses, and * $0.4 million of divestiture and transaction related expense contained in general and administrative expenses.Production for the third quarter of 2020 was 2.3 Bcf of natural gas, 102 MBbls of oil and 9 MBbls of natural gas liquids (NGLs), or 31.8 million cubic feet equivalent per day (MMcfe/d). This represents a 14 percent decrease from the second quarter of 2020 production of 36.8 MMcfe/d and a 68 percent decrease from the third quarter of 2019 production of 98.1 MMcfe/d. The decrease in production from the second quarter of 2020 was primarily due to the divestiture of the Company’s Michigan assets at the beginning of August 2020. The decrease in production from the third quarter of 2019 was primarily due to divestitures that closed throughout 2019 and 2020.Adjusted EBITDAX for the third quarter of 2020 was $0.9 million, a $1.5 million decrease from the second quarter of 2020 and a $8.8 million decrease from the third quarter of 2019. The decrease in Adjusted EBITDAX from the second quarter of 2020 was primarily due to a decrease in cash settlements received on commodity derivative contracts and a decrease in gas production due to the sale of Michigan assets in August 2020, partially offset by an increase in realized oil prices and a decrease in lease operating expense due to the sale of Michigan assets in August 2020. The decrease in Adjusted EBITDAX from the third quarter of 2019 was primarily due to divestitures that closed throughout 2019 and 2020, a decrease in realized oil, natural gas and natural gas liquids prices and a decrease in cash settlements received on commodity derivative contracts, partially offset by a decrease in general and administrative expenses. Adjusted EBITDAX is a Non-GAAP financial measures and is described in the attached table under “Non-GAAP Measures.”Quarterly ReportHarvest’s financial statements and related footnotes are available in its Quarterly Report, which can be found at www.otcmarkets.com under the stock symbol HRST, Disclosures or through the Investor Relations section of the Harvest website at http://www.hvstog.com.About Harvest Oil & Gas Corp.Harvest has been an independent oil and gas company; the Company intends to evaluate and undertake the process of winding-up and returning capital to its shareholders. More information about Harvest is available on the internet at https://www.hvstog.com.Forward Looking StatementsThis press release contains certain statements that are, or may be deemed to be, “forward-looking statements”. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends affecting the financial condition of its business. These forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. Please read the Company’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2019 and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. These risks include, but are not limited to, risks relating to pending asset sales, including risks relating to the consummation of such sales in accordance with their terms or at all, our inability to control our contract operator, EnerVest Operating, L.L.C., outside of the parameters of the Services Agreement, our ability to obtain needed capital or financing on satisfactory terms, fluctuations in prices of oil, natural gas and natural gas liquids and the length of time commodity prices remain depressed, our ability to maintain production levels through development drilling, risks associated with drilling and operating wells, the availability of drilling and production equipment, changes in applicable laws and regulations that adversely affect our operations and general economic conditions. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “indicate” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. Although the Company believes that the forward-looking statements contained in this press release are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.        Operating Statistics         Three Months Ended   September 30,   2020  2019 Production data:     Oil (MBbls)  102   145 Natural gas liquids (MBbls)  9   316 Natural gas (MMcf)  2,261   6,259 Net production (MMcfe)  2,927   9,025 Average sales price per unit: (1)       Oil (Bbl) $38.56  $54.02 Natural gas liquids (Bbl) (2)  (14.68)  10.46 Natural gas (Mcf)  1.63   1.87 Mcfe  2.56   2.53 Average unit cost per Mcfe:       Production costs:       Lease operating expenses $2.37  $2.17 Production taxes  0.03   0.18 Total  2.40   2.35 Depreciation, depletion and amortization  —   0.15 General and administrative expenses  1.46   0.86 (1) Prior to $3.8 million and $14.0 million of realized net gains on settlements of commodity derivatives for the three months ended September 30, 2020 and 2019, respectively. (2)Natural gas liquids revenues for the three months ended September 30, 2020 include a prior period adjustment of $0.3 million. Excluding this prior period adjustment for the three months ended September 30, 2020, the natural gas liquids price per barrel would have been $16.32.              Nine Months Ended   September 30,   2020 2019 Production data:     Oil (MBbls)  307  470 Natural gas liquids (MBbls)  23  1,169 Natural gas (MMcf)  7,621  21,765 Net production (MMcfe)  9,601  31,596 Average sales price per unit: (1)       Oil (Bbl) $37.34 $53.98 Natural gas liquids (Bbl) (2)  3.85  16.14 Natural gas (Mcf)  1.68  2.39 Mcfe  2.54  3.05 Average unit cost per Mcfe:       Production costs:       Lease operating expenses $2.36 $2.04 Production taxes  0.04  0.17 Total  2.40  2.21 Depreciation, depletion and amortization  0.11  0.34 General and administrative expenses  1.28  0.66 (1) Prior to $14.0 million and $17.5 million of realized net gains on settlements of commodity derivatives for the nine months ended September 30, 2020 and 2019, respectively. (2)Natural gas liquids revenues for the nine months ended September 30, 2020 include a prior period adjustment of $0.3 million. Excluding this prior period adjustment for the nine months ended September 30, 2020, the natural gas liquids price per barrel would have been $16.38.            Unaudited Condensed Consolidated Balance Sheets (in thousands, except number of shares)            September 30, 2020    December 31, 2019 ASSETS         Current assets:        Cash and cash equivalents $17,678  $28,968  Restricted cash  10,000   10,000  Accounts receivable:       Oil, natural gas and natural gas liquids revenues  7,867   14,075  Other  2,024   1,322  Derivative asset  2,127   6,231  Other current assets  322   277  Total current assets  40,018   60,873          Oil and natural gas properties, net of accumulated depreciation, depletion       and amortization; September 30, 2020, $0; December 31, 2019, $15,066  —   114,031  Assets held for sale  102,084   316  Other assets  2,983   4,965  Total assets $145,085  $180,185          LIABILITIES AND EQUITY         Current liabilities:         Accounts payable and accrued liabilities $11,812  $23,524  Other current liabilities  426   586  Total current liabilities  12,238   24,110          Asset retirement obligations  —   88,668  Liabilities held for sale  83,535   139  Other long–term liabilities  656   1,770          Commitments and contingencies                Mezzanine equity  118   127          Stockholders' equity:       Common stock - $0.01 par value; 2,000,000 shares authorized;       1,027,760 shares issued and 1,022,272 shares outstanding as of       September 30, 2020; 1,022,101 shares issued and 1,018,347 shares       outstanding as of December 31, 2019  102   102  Additional paid-in capital  170,823   180,177  Treasury stock at cost - 5,488 shares at September 30, 2020; 3,754       shares at December 31, 2019  (631)  (562) Retained earnings (accumulated deficit)  (121,756)  (114,346) Total stockholders' equity  48,538   65,371  Total liabilities and equity $145,085  $180,185                    Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data)         Three Months Ended   September 30,   2020  2019  Revenues:       Oil, natural gas and natural gas liquids revenues $7,478  $22,870  Transportation and marketing–related revenues  —   379  Total revenues  7,478   23,249          Operating costs and expenses:       Lease operating expenses  6,929   19,614  Cost of purchased natural gas  —   255  Dry hole and exploration costs  —   36  Production taxes  84   1,634  Accretion expense on obligations  —   1,995  Depreciation, depletion and amortization  —   1,367  General and administrative expenses  4,270   7,771  Impairment of oil and natural gas properties  1,093   16,325  Gain on sales of oil and natural gas properties  (16)  (661) Total operating costs and expenses  12,360   48,336          Operating loss  (4,882)  (25,087)         Other income (expense), net:         Gain (loss) on derivatives, net  (1,823)  5,718  Interest expense  (12)  (501) Other income, net  473   341  Total other income (expense), net  (1,362)  5,558          Loss before income taxes  (6,244)  (19,529)         Income tax expense  —   —          Net loss $(6,244) $(19,529)         Earnings per share:         Basic $(6.11) $(19.28) Diluted $(6.11) $(19.28)         Weighted average common shares outstanding:       Basic  1,022   1,013  Diluted  1,022   1,013            Nine Months Ended   September 30,   2020  2019  Revenues:       Oil, natural gas and natural gas liquids revenues $24,387  $96,285  Transportation and marketing–related revenues  —   1,397  Total revenues  24,387   97,682          Operating costs and expenses:       Lease operating expenses  22,628   64,568  Cost of purchased natural gas  —   969  Dry hole and exploration costs  1   75  Production taxes  369   5,277  Accretion expense on obligations  3,366   6,373  Depreciation, depletion and amortization  1,103   10,712  General and administrative expenses  12,332   20,794  Impairment of oil and natural gas properties  3,536   115,604  Gain on sales of oil and natural gas properties  (368)  (679) Total operating costs and expenses  42,967   223,693          Operating loss  (18,580)  (126,011)         Other income (expense), net:         Gain on derivatives, net  9,868   5,374  Interest expense  (38)  (3,335) Gain on equity securities  —   4,593  Other income, net  1,340   3,168  Total other income (expense), net  11,170   9,800          Loss before income taxes  (7,410)  (116,211)         Income tax expense  —   —          Net loss $(7,410) $(116,211)         Earnings per share:         Basic $(7.27) $(115.29) Diluted $(7.27) $(115.29)         Weighted average common shares outstanding:       Basic  1,020   1,008  Diluted  1,020   1,008                    Unaudited Condensed Consolidated Statements of Cash Flows (in thousands)         Nine Months Ended   September 30,   2020  2019  Cash flows from operating activities:         Net loss $(7,410) $(116,211) Adjustments to reconcile net loss to net cash flows       provided by operating activities:       Accretion expense on obligations  3,366   6,373  Depreciation, depletion and amortization  1,103   10,712  Share–based compensation cost  987   2,184  Cash dividends paid on share-based compensation  (412)  —  Impairment of oil and natural gas properties  3,536   115,604  Gain on sales of oil and natural gas properties  (368)  (679) Gain on equity securities  —   (4,593) Gain on derivatives, net  (9,868)  (5,374) Cash settlements of derivative contracts (1)  13,971   17,483  Other  —   1,571  Changes in operating assets and liabilities:       Accounts receivable  3,526   21,637  Other current assets  (45)  1,909  Accounts payable and accrued liabilities  (7,994)  (4,061) Other, net  707   (2,531) Net cash flows provided by operating activities  1,099   44,024          Cash flows from investing activities:         Additions to oil and natural gas properties  (1,507)  (2,096) Reimbursements related to oil and natural gas properties  —   2,124  Proceeds from sale of oil and natural gas properties  (581)  111,575  Proceeds from sale of equity securities  —   51,675  Other  —   38  Net cash flows provided by (used in) investing activities  (2,088)  163,316          Cash flows from financing activities:         Repayment of long-term debt borrowings  —   (115,000) Purchase of treasury stock  (69)  (295) Dividends  (10,223)  —  Other  (9)  (10) Net cash flows used in financing activities  (10,301)  (115,305)         Increase (Decrease) in cash, cash equivalents and restricted cash  (11,290)  92,035  Cash, cash equivalents and restricted cash – beginning of period  38,968   6,313  Cash, cash equivalents and restricted cash – end of period $27,678  $98,348  (1) In the nine months ended September 30 2020, $1.1 million of the $14.0 million of net gains on commodity derivatives was due to settlements received on the termination of commodity derivative contracts in conjunction with closed divestitures.    Non-GAAP MeasuresThe Company defines Adjusted EBITDAX as net income (loss) plus income tax expense (benefit); interest expense, net; depreciation, depletion and amortization; accretion expense on obligations; (gain) loss on derivatives, net; cash settlements of commodity derivative contracts; non-cash equity-based compensation; impairment of oil and natural gas properties; non-cash oil inventory adjustment; dry hole and exploration costs; (gain) loss on sales of oil and natural gas properties; and gain on equity securities.Adjusted EBITDAX is used by the Company’s management to provide additional information and statistics relative to the performance of the business, including (prior to the creation of any reserves) the cash return on investment. The Company believes this financial measure may indicate to investors whether or not it is generating cash flow at a level that can support or sustain quarterly interest expense and capital expenditures. Adjusted EBITDAX should not be considered as an alternative to net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX excludes some, but not all, items that affect net income and operating income and this measure may vary among companies. Therefore, Harvest’s Adjusted EBITDAX may not be comparable to similarly titled measures of other companies.                  Reconciliation of Net Income (Loss) to Adjusted EBITDAX (in thousands)                  Three Months Ended Nine Months Ended              Sept 30,    Sept 30, June 30, Sept 30, Sept 30,   2020     2019  2020  2020  2019 Net loss $(6,244) $(19,529) $(7,135) $(7,410) $(116,211)                  Add:                Income tax expense  —   —   —   —   —  Interest expense, net  12   501   7   33   3,335  Depreciation, depletion and amortization  —   1,367   514   1,103   10,712  Accretion expense on obligations  —   1,995   1,603   3,366   6,373  (Gain) loss on derivatives, net  1,823   (5,718)  966   (9,868)  (5,374) Cash settlements of commodity derivative contracts  3,805   13,959   5,693   13,971   17,483  Non-cash share-based compensation  397   1,421   253   987   2,184  Impairment of oil and natural gas properties  1,093   16,325   837   3,536   115,604  Dry hole and exploration costs  —   36   1   1   75  Gain on sales of oil and natural gas properties  (16)  (661)  (415)  (368)  (679) Gain on equity securities  —   —   —   —   (4,593) Adjusted EBITDAX $870  $9,696  $2,324  $5,351  $28,909  Harvest Oil & Gas Corp. Houston, TX 77002 Michael Mercer, President and CEO 713-651-1144 hvstog.com

  • Harvest Oil & Gas Announces One-time $10.00 per Share Cash Distribution
    GlobeNewswire

    Harvest Oil & Gas Announces One-time $10.00 per Share Cash Distribution

    HOUSTON, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) announced today that it has declared a one-time cash distribution of $10.00 per share. The Board of Directors of Harvest has approved a one-time cash distribution of $10.00 per share to common stockholders of record on November 23, 2020 to be paid on November 30, 2020. The Company expects to have no current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) and reasonably estimates that the cash distribution should not constitute a taxable dividend for U.S. federal income tax purposes. Rather, the cash distribution would generally first constitute non-taxable return of capital and a reduction in the adjusted tax basis (but not below zero) of each recipient stockholder’s shares of stock in the Company, and thereafter any amount of the cash distribution in excess of such recipient stockholder’s adjusted tax basis would be treated as gain from the sale or exchange of such stock. Information regarding tax matters in this press release is for general information purposes only and does not constitute tax advice. Stockholders should consult with their tax advisors as to the specific U.S. federal, state, local, and non-U.S. tax consequences to such stockholder related to the cash distribution.For Harvest’s warrants (OTCQB: HRSTW) and per the terms of the Warrant Agreement entered into on June 4, 2018, the cash distribution is classified as a Special Dividend and will result in a reduction of the warrant exercise price by $10.00 to $284.80, effective as of November 24, 2020.About Harvest Oil & Gas Corp.Harvest has been an independent oil and gas company; the Company intends to evaluate and undertake the process of winding-up and returning capital to its shareholders. More information about Harvest is available on the internet at https://www.hvstog.com.Forward Looking StatementsThis press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends affecting the financial condition of its business. These forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond its control, including the completion of the proposed transaction on the terms or timeline currently contemplated or at all. Please read the Company’s filings with the OTC Markets Group, the Securities and Exchange Commission, including “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2019, and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those anticipated or implied in such forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “indicate” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. Although the Company believes that the forward-looking statements contained in this press release are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.Contact Information: Harvest Oil & Gas Corp. Houston, TX 77002 Michael Mercer, President and CEO 713-651-1144 hvstog.com

  • Harvest Oil & Gas Announces Management Changes
    GlobeNewswire

    Harvest Oil & Gas Announces Management Changes

    HOUSTON, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) announced today the resignation of Ryan Stash from his position as Vice President and Chief Financial Officer of the Company, effective November 18, 2020. This resignation is for personal reasons and not the result of any disagreement with the Company or its Board of Directors or any matters relating the Company’s operations, policies or practices. About Harvest Oil & Gas Corp.Harvest has been an independent oil and gas company; the Company intends to evaluate and undertake the process of winding-up and returning capital to its shareholders.  More information about Harvest is available on the internet at https://www.hvstog.com.Contact Information: Harvest Oil & Gas Corp. Houston, TX 77002 Mike Mercer, President and CEO 713-651-1144 hvstog.com